CapitalMarket.com - Cairn India gains on decent Q3 numbers
Hot Pursuit Wednesday, January 25, 2012 09:25 Hrs IST

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Cairn India gains on decent Q3 numbers

Cairn India rose 3.48% at Rs 364 at 9:23 IST on BSE after consolidated net profit rose 12.5% to Rs 2261.93 crore on 12.1% increase in total income to Rs 3510.58 crore in Q3 December 2011 over Q3 December 2010.

The result was announced after market hours on Tuesday, 24 January 2012.

Meanwhile, the BSE Sensex was up 76.57 points, or 0.45%, to 17,072.34.

On BSE, 1.23 lakh shares were traded in the counter as against an average daily volume of 6.43 lakh shares in the past one quarter.

The stock hit a high of Rs 366.80 and a low of Rs 360 so far during the day. The stock had hit a 52-week low of Rs 250 on 26 August 2011. The stock had hit a record high of Rs 372 on 5 April 2011.

The stock had outperformed the market over the past one month until 24 January 2012, gaining 11.40% compared with the Sensex's 7.99% rise. The scrip had also outperformed the market in past one quarter, rising 21.02% as against 0.33% rise in the Sensex.

The large-cap oil explorer has an equity capital of Rs 1903.08 crore. Face value per share is Rs 10.

Cairn India's EBITDA (earnings before interest, taxes, depreciation and amortization) rose 15% to Rs 2369.20 crore in Q3 December 2011 over Q2 September 2011, resulting into an EBITDA margin of 77%. The company has made a net forex gain of Rs 301.50 crore due to depreciation of rupee against the US dollar.

Gross cash available as on 31 December, 2011 was Rs 7710.20 crore. The nonconvertible debentures (NCD) outstanding as on 31 December 2011 were Rs 1250 crore. Repayment of Rs 100 crore of NCD was done during the quarter.

Meanwhile, Cairn India said the Vedanta Group holds 59% of the issued share capital of the company.

Rahul Dhir, Managing Director and Chief Executive Officer, Cairn India, said, "The commencement of production from the Bhagyam field is yet another significant milestone for the Cairn-ONGC Joint Venture in Rajasthan. With the support of the Government of India and the Government of Rajasthan, the Cairn - ONGC Joint Venture is well placed to further develop the hydrocarbon-rich Barmer Basin in Rajasthan, increase of production and create value for our Nation. Our successive discoveries in Sri Lanka have established a working hydrocarbon system in the frontier Mannar Basin. This success demonstrates Cairn India's strong skill set, which we will continue to leverage for future opportunities. We have also notified the Sri Lankan Government about our intention to enter the second phase of exploration. With the new board now in place, Cairn India remains well poised for the next phase of growth."

Cairn India is engaged in oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both state run and private buyers.

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